Ocean Power Technologies Inc (OPTT) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Ocean Power Technologies fourth-quarter and full fiscal year 2025 earnings conference call. A webcast of this call is also available and can be accessed by a link on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion.

早安，歡迎參加 Ocean Power Technologies 第四季和 2025 財年全年財報電話會議。本次電話會議的網路直播也已上線，可透過公司網站 www.oceanpowertechnologies.com 的連結觀看。本次電話會議已錄製，結束後即可重播。

On the call today are Dr. Philipp Stratmann, President and Chief Executive Officer; and Bob Powers, Senior Vice President and Chief Financial Officer. (Operator Instructions)

今天參加電話會議的有總裁兼執行長 Philipp Stratmann 博士和資深副總裁兼財務長 Bob Powers。（操作員指示）

Now, I am pleased to introduce Bob Powers. Please go ahead, sir.

現在，我很高興介紹鮑勃鮑爾斯。先生，請繼續。

Thank you, and good morning. After the market closed yesterday, we issued our earnings press release and filed our annual report on Form 10-K for the period ended April 30, 2025. Our public filings are available on the SEC website and within the Investor Relations section of the OPT website.

謝謝，早安。昨天市場收盤後，我們發布了收益新聞稿，並提交了截至 2025 年 4 月 30 日的 10-K 表年度報告。我們的公開文件可在美國證券交易委員會 (SEC) 網站和 OPT 網站的投資者關係部分查閱。

During this call, we will make forward-looking statements that are within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include financial projections or other statements of the company's plans, objectives, expectations, or intentions. These statements are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

在本次電話會議中，我們將做出符合 1995 年《私人證券訴訟改革法案》安全港條款的前瞻性聲明。前瞻性陳述可能包括財務預測或公司計劃、目標、期望或意圖的其他陳述。這些聲明是基於管理層對未來情況的假設，公司對這些情況可能幾乎沒有或根本沒有控制權，並且涉及風險、不確定性和其他因素，這些因素可能導致實際結果與此類前瞻性聲明表達或暗示的任何未來結果存在重大差異。

Additional information about these risks and uncertainties can be found in the company's Form 10-K and subsequent filings with the SEC. The company disclaims any obligation or intention to update the forward-looking statements made on this call.

有關這些風險和不確定性的更多信息，請參閱公司的 10-K 表格以及隨後向美國證券交易委員會提交的文件。本公司不承擔更新本次電話會議中前瞻性陳述的任何義務或意圖。

Finally, we posted an updated investor presentation on our IR website. Please take a moment to review it as it provides a nice overview of our company and strategy.

最後，我們在 IR 網站上發布了更新的投資者介紹。請花一點時間查看它，因為它提供了我們公司和策略的良好概述。

Now, I am pleased to introduce Dr. Philipp Stratmann.

現在，我很高興介紹 Philipp Stratmann 博士。

Good morning, and thank you for joining us today. Fiscal 2025 was a transformational year for OPT. We delivered real measurable value in a global market undergoing rapid change, and we entered fiscal year '26 positioned to lead in the sustainable data-driven blue economy. Today, I'll walk you through our most important achievements, the momentum they've created, and the opportunities ahead as we execute our strategic growth plan.

早安，感謝您今天加入我們。2025 財年是 OPT 的轉型之年。我們在快速變化的全球市場中實現了真正可衡量的價值，並在進入26財年時做好了引領可持續數據驅動藍色經濟的準備。今天，我將向大家介紹我們最重要的成就、它們所創造的勢頭以及我們執行戰略增長計劃時面臨的機會。

In fiscal '25, OPT was granted a US Department of Defense Facility Security Clearance at the Secret level, a milestone that significantly expands our eligibility for classified defense work. This clearance not only affirms OPT's compliance with federal security protocols, but also opens the door to high-value multiyear programs where few companies are even allowed to compete. It expands our addressable market and deepens our partnership potential.

在 2025 財年，OPT 獲得了美國國防部秘密級別的設施安全許可，這一里程碑大大擴展了我們從事機密國防工作的資格。此次批准不僅確認了 OPT 符合聯邦安全協議，而且還為很少有公司被允許參與競爭的高價值多年期項目打開了大門。它擴大了我們的潛在市場並加深了我們的合作潛力。

Let's talk about backlog and visibility. I'm incredibly excited to announce that we entered fiscal '26 with $12.5 million in funded backlog, the highest in our history. This reflects multi-quarter fulfillment of both international defense and commercial contracts and signals strong customer confidence in our solutions and our ability to execute. It is a clear indicator that our strategy is working and that demand is real and growing.

讓我們來討論一下積壓和可見度。我非常高興地宣布，進入 26 財年，我們的資金積壓量達到 1,250 萬美元，創歷史新高。這反映了國際國防和商業合約連續多個季度的履行情況，也顯示客戶對我們的解決方案和執行能力充滿信心。這清楚地表明我們的策略正在發揮作用，而且需求是真實存在的，而且還在不斷增長。

Over the past year, we deployed our artificial intelligence capable Merrows and WAM-V platforms across the Middle East, Latin America, and the Indo-Pacific, establishing a meaningful global footprint in allied defense and commercial markets. These deployments validate not just demand, but our readiness to deliver. They demonstrate that our autonomous platforms can operate across maritime, surface, and subsea domains in some of the world's most demanding environments. That's real-world mission relevance and it sets us apart.

在過去的一年裡，我們在中東、拉丁美洲和印度-太平洋地區部署了具有人工智慧能力的 Merrows 和 WAM-V 平台，在盟軍國防和商業市場建立了有意義的全球影響力。這些部署不僅驗證了需求，也驗證了我們交付的準備。它們證明了我們的自主平台可以在世界上一些最苛刻的環境中跨越海上、水面和海底領域運作。這與現實世界的任務有關，這使我們與眾不同。

We also expanded key partnerships with defense, drone, and subsea leaders, including Red Cat, Teledyne Marine and regional integrators in the Middle East and Latin America. These partnerships extend our reach, improve integration and distribution and help reduce customer acquisition costs. They are a force multiplier for OPT, enabling faster scale, broader validation and deeper market access, especially in regions where local partners accelerate our credibility.

我們還擴大了與國防、無人機和海底領導者的關鍵合作夥伴關係，包括 Red Cat、Teledyne Marine 以及中東和拉丁美洲的區域整合商。這些合作關係擴大了我們的業務範圍，改善了整合和分銷，並有助於降低客戶獲取成本。它們是 OPT 的力量倍增器，能夠實現更快的規模、更廣泛的驗證和更深的市場准入，特別是在當地合作夥伴加速我們信譽的地區。

OPT's WAM-V platforms were selected to participate in the US Navy's Project Overmatch autonomy exercises, one of the Pentagon's most advanced and future-focused initiatives.

OPT 的 WAM-V 平台被選中參加美國海軍的「超越對手」自主演習，這是五角大廈最先進、最著眼於未來的計劃之一。

Our involvement speaks volumes. It reflects a high-trust relationship with the Navy, confirms our alignment with multi-domain interoperable system goals, and positions OPT for access to future large-scale defense procurement channels.

我們的參與意義重大。它反映了與海軍的高度信任關係，證實了我們與多域互操作系統目標的一致性，並使 OPT 能夠進入未來大規模國防採購管道。

This year's performance reflects the strength of our disciplined operating model. We're executing with a streamlined team and leaner OpEx structure, yet delivering more for our customers, our partners, and our shareholders.

今年的業績反映了我們嚴謹的營運模式的優勢。我們正以精簡的團隊和更精簡的營運支出結構執行，為我們的客戶、合作夥伴和股東提供更多服務。

By aligning resources with top priorities, we've increased our operating efficiency without compromising our delivery capability or innovation road map. This positions us not only to weather volatility, but to scale with purpose as demand accelerates. We view this phase of lean execution not as a constraint, but as a foundation. With core systems, processes, and leadership in place, we are prepared to scale responsibly as opportunities mature.

透過將資源與首要任務結合，我們提高了營運效率，同時又不影響我們的交付能力或創新路線圖。這不僅使我們能夠抵禦波動，而且隨著需求的成長，我們能夠有目的地擴大規模。我們認為精實執行的這個階段不是限制因素，而是基礎。有了核心系統、流程和領導力，我們準備好隨著機會的成熟而負責任地擴大規模。

We have retooled our go-to-market engine with purpose and position. Under new leadership, our sales organization has been redesigned to drive mission alignment, speed and scale, not just transactions. We've upskilled the team, deepening their ability to engage on operational needs and procurement realities across defense and maritime domains.

我們已經重新調整了我們的行銷引擎，明確了目標和定位。在新的領導下，我們的銷售組織經過重新設計，不僅推動交易，還推動任務協調、速度和規模。我們提升了團隊的技能，深化了他們參與國防和海事領域的營運需求和採購現實的能力。

At the same time, we've expanded internationally, matching talent to strategic growth corridors in NATO-aligned Latin America and Middle Eastern markets. Complementing this internal transformation is a growing network of region-specific resellers, force multipliers who understand local dynamics and are helping us deliver OPT solutions faster and further than ever before. This is not just a strategic investment. It's already delivering results.

同時，我們也在國際擴張，將人才與北約聯盟的拉丁美洲和中東市場的策略性成長走廊相匹配。與這一內部轉型相輔相成的是不斷增長的區域特定經銷商網絡，這些經銷商是了解當地動態的力量倍增者，他們幫助我們比以往更快、更廣泛地提供 OPT 解決方案。這不僅僅是一項策略性投資。它已經取得了成果。

We're seeing improved customer engagement, higher win rates and increasing traction in markets where we previously had limited presence. This go-to-market evolution is a foundational pillar of our growth strategy, enabling us to solve real-world customer missions at scale.

我們看到，在我們之前參與度有限的市場中，客戶參與度有所提高，成功率提高，吸引力也有所增強。這種市場化變革是我們成長策略的基礎支柱，使我們能夠大規模地解決現實世界的客戶任務。

We are taking some important steps to reduce our customer acquisition costs. First, as I just mentioned, we have repositioned our commercial team to place greater emphasis on achieving more scalable, repeatable sales.

我們正在採取一些重要措施來降低客戶獲取成本。首先，正如我剛才提到的，我們重新定位了我們的商業團隊，更加重視實現更具可擴展性、可重複性的銷售。

Second, we are expanding our dedicated demonstration fleet to accelerate customer engagement and close new business in less time and with greater efficiency.

其次，我們正在擴大專用示範車隊，以加速客戶參與度，並在更短的時間內以更高的效率完成新業務。

Finally, we have realigned our operations and development teams to drive best-in-class customer experience through more innovation and enhanced operational execution. In turn, that empowers us to concentrate more on deepening relationships with existing customers and expanding value-added services like training.

最後，我們重新調整了營運和開發團隊，透過更多創新和增強營運執行來推動一流的客戶體驗。反過來，這使我們能夠更加專注於深化與現有客戶的關係並擴展培訓等增值服務。

Our commitment to continuously strengthen our commercial effectiveness and operational agility underscores our professionalism and readiness as a leading provider in autonomous maritime systems. Becoming an AUVSI Trusted Operator marks an important milestone in this evolution.

我們致力於不斷提高商業效率和營運敏捷性，彰顯了我們作為自主海事系統領先供應商的專業和準備和準備。成為 AUVSI 可信任營運商標誌著這一發展進程中的一個重要里程碑。

Additionally, I want to highlight a significant milestone that speaks to the discipline and maturity we're building across OPT. Just two weeks ago, we achieved ISO 9001 certification for our quality management system, a globally recognized benchmark for excellence in engineering, manufacturing and service delivery.

此外，我想強調一個重要的里程碑，它體現了我們在 OPT 過程中建立的紀律性和成熟度。就在兩週前，我們的品質管理系統獲得了 ISO 9001 認證，這是全球公認的工程、製造和服務交付卓越性的基準。

This is not just a compliance achievement. It is a reflection of OPT's evolution into a scalable, repeatable and process-driven provider of maritime solutions. Whether we are deploying a WAM-V for autonomous ISR missions activating a PowerBuoy for persistent offshore power or integrating Merrows to enhance maritime domain awareness. We are now doing so under a globally standardized framework of quality and continuous improvement.

這不僅僅是一項合規成就。它體現了 OPT 向可擴展、可重複和流程驅動的海事解決方案提供者的發展。無論我們是部署 WAM-V 執行自主 ISR 任務，還是啟動 PowerBuoy 提供持久的海上電力，還是整合 Merrows 來增強海域感知能力。我們目前正在全球標準化的品質和持續改進框架下進行這項工作。

For our customers, ISO 9001 is often a prerequisite for long-term engagement. It is a signal that we're not just innovative but dependable at scale. In fact, we're already seeing this resonate with procurement teams who have told us that certification materially strengthens our position in upcoming opportunities.

對於我們的客戶來說，ISO 9001 通常是長期合作的先決條件。這表明我們不僅具有創新能力，而且具有規模可靠性。事實上，我們已經看到採購團隊對此產生了共鳴，他們告訴我們，認證大大加強了我們在未來機會中的地位。

Internally, this also reinforces our operational foundation as we expand internationally and engage with increasingly complex supply chains and mission profiles. It's about delivering excellence consistently, which is exactly what the market demands from the next generation of maritime intelligence providers. We believe this certification will meaningfully support our growth strategy while deepening the confidence of our partners, investors, and customers alike.

從內部來看，隨著我們向國際擴張並參與日益複雜的供應鏈和任務概況，這也加強了我們的營運基礎。關鍵在於持續提供卓越服務，這正是市場對下一代海事情報提供者的要求。我們相信，此項認證將對我們的成長策略提供有意義的支持，同時加深我們的合作夥伴、投資者和客戶的信心。

Finally, fiscal year 2025 brought headwinds, particularly in defense, where election-related uncertainty and the pending administration transition delayed procurement activity. Combined with broader macroeconomic volatility, these factors slowed pipeline conversion, resulting in revenue below expectations and a shortfall against our Q4 calendar '25 profitability target.

最後，2025財年帶來了阻力，特別是在國防領域，與選舉相關的不確定性和即將到來的政府過渡推遲了採購活動。加上更廣泛的宏觀經濟波動，這些因素減緩了通路轉換，導致收入低於預期，並且未達到我們 25 年第四季的獲利目標。

Still, OPT ended fiscal '25 with strong momentum, record backlog, a growing pipeline, and increasing demand across core markets. These results reflect the strength of our positioning and the resilience of our team. We remain confident that fiscal '26 will mark a step function in execution as we advance towards sustained growth, profitability, and long-term value creation.

儘管如此，OPT 在 25 財年結束時仍保持著強勁的發展勢頭、創紀錄的積壓訂單、不斷增長的渠道以及核心市場不斷增長的需求。這些結果反映了我們定位的實力和團隊的韌性。我們堅信，隨著我們朝著持續成長、獲利和長期價值創造邁進，26 財年將標誌著執行力的重大進步。

In closing, we have turned the corner. OPT is no longer just about wave energy. We provide full-service maritime domain awareness that is persistent and deployed from platforms that enable multi-asset capabilities. We have become a multi-solution platform company, one that's enabling customers to operate further offshore, stay deployed longer, and lower costs through intelligent autonomy.

最後，我們已經渡過了難關。OPT 不再只涉及波浪能。我們提供全方位的海事領域感知服務，這種服務是持久的，並從支援多資產功能的平台部署。我們已成為一家多解決方案平台公司，使客戶能夠透過智慧自主進行更遠的離岸營運、更長的部署並降低成本。

Our strategy has been simple but disciplined, diversify, scale, and improve margins. We've moved beyond grant-funded R&D into real commercial contracts. We've expanded into defense, energy and international markets, and we're focused on repeatable, scalable services that drive long-term value.

我們的策略簡單嚴謹，多樣化、規模化、提高利潤率。我們已經從資助的研發轉向了真正的商業合約。我們已經擴展到國防、能源和國際市場，我們專注於可重複、可擴展的服務，以推動長期價值。

We're not pitching potential, we are executing. Every contract validates our pioneering efforts to develop our model. We are well-positioned to meet all challenges in our prosperous horizons and capitalize on the heavy lifting completed to date. The technology has proven is continuing to accelerate. The customers are buying. With capital in hand, platforms in the water and a growing global footprint, OPT is no longer proving it's scaling.

我們不是在推銷潛力，我們在執行。每一份合約都證明了我們為開發模型所做的開創性努力。我們已做好準備迎接繁榮前景中的所有挑戰，並充分利用迄今為止已完成的繁重工作。事實證明，該技術正在繼續加速發展。顧客正在購買。憑藉著手中的資本、水下平台和不斷增長的全球影響力，OPT 已不再證明其規模化能力。

Thank you for your continued support. I will now turn it over to Bob, who will walk through our financial performance in more detail.

感謝您一直以來的支持。現在我將把時間交給鮑勃，他將更詳細地介紹我們的財務表現。

Thanks, Philipp. Let's begin with our financial performance for the year. Fiscal 2025 was a record year for revenue. We generated $5.9 million, a 7% increase over the $5.5 million recognized in the prior year. What makes this growth especially meaningful is that it was achieved alongside a 26% reduction in operating expenses, which I'll cover in more detail shortly.

謝謝，菲利普。讓我們先來看看今年的財務表現。2025財年是營收創紀錄的一年。我們創造了 590 萬美元的收入，比前一年的 550 萬美元成長了 7%。這一成長之所以特別有意義，是因為它是在營運費用減少 26% 的同時實現的，我將在稍後詳細介紹。

The revenue growth reflects the strength of our strategy, the discipline of our execution and the growing demand for OPT's autonomous and maritime solutions. One of the biggest drivers was our expansion in Latin America, which made a meaningful contribution to both our FY25 revenue and the $12.5 million in backlog Philipp referenced. This underscores our focus on diversifying revenue across high-growth international markets, and we believe it sets the stage for future expansion.

收入成長反映了我們策略的實力、執行的紀律以及對 OPT 自主和海事解決方案日益增長的需求。最大的驅動力之一是我們在拉丁美洲的擴張，這對我們 25 財年的收入和 Philipp 提到的 1250 萬美元的積壓訂單做出了有意義的貢獻。這強調了我們對在高成長國際市場實現收入多元化的關注，我們相信這為未來的擴張奠定了基礎。

Looking ahead, scaling revenue remains a key priority as we convert backlog into deliveries and expand into new channels. Our focus remains squarely on delivering consistent performance and long-term value for shareholders.

展望未來，隨著我們將積壓訂單轉化為交付並擴展到新管道，擴大收入仍然是我們的首要任務。我們的重點仍然是為股東提供持續的業績和長期價值。

Turning to expenses. Operating expenses for fiscal 2025 totaled $23.4 million (sic - see press release, "$23.3 million"), down 27% (sic - see press release, "28%") from the $32.2 million in FY24. This $8.8 million (sic - see press release, "$8.9 million") reduction reflects deliberate organization-wide efforts to optimize headcount, reduce third-party costs and tighten expense control across all functions. This level of cost discipline, combined with top-line growth, shows that we're building a model with meaningful operating leverage, a critical step towards sustainable profitability. As a result, our loss for the year improved by 22% from $27.5 million to $21.5 million.

談到費用。2025 財年的營運費用總計 2,340 萬美元（原文如此 - 請參閱新聞稿，「2,330 萬美元」），較 24 財年的 3,220 萬美元下降 27%（原文如此 - 請參閱新聞稿，「28%）。這次 880 萬美元（原文如此 - 請參閱新聞稿「890 萬美元」）的削減反映了整個組織為優化員工人數、降低第三方成本和加強所有職能部門的費用控製而做出的努力。這種程度的成本約束，加上營收成長，顯示我們正在建立一個具有有意義的營運槓桿的模型，這是實現永續獲利的關鍵一步。結果，我們今年的虧損減少了 22%，從 2,750 萬美元減少到 2,150 萬美元。

This progress shows we're staying disciplined with spending while still growing the business and meeting our customer commitments. On the balance sheet, as of April 30, 2025, our total cash position, including cash, restricted cash, equivalents, and short-term investments stood at $6.7 million compared to $3.2 million for the close of FY24.

這項進展表明，我們在維持業務成長和履行對客戶承諾的同時，仍在嚴格控制支出。資產負債表顯示，截至 2025 年 4 月 30 日，我們的現金總額（包括現金、受限現金、等價物和短期投資）為 670 萬美元，而 24 財年末為 320 萬美元。

Just after year-end, we further strengthened our liquidity by securing a $10 million unsecured debt financing from an institutional investor. This investment represents a clear market endorsement of OPT's platform, technology road map, and long-term value creation strategy. Their participation not only bolsters our capital base; it also equips us to execute on our record backlog, scale up international operations, and pursue near-term profitability with greater confidence.

剛過年底，我們就從一家機構投資者那裡獲得了 1000 萬美元的無擔保債務融資，進一步增強了我們的流動性。此項投資顯示市場對 OPT 的平台、技術路線圖和長期價值創造策略的認可。他們的參與不僅增強了我們的資本基礎，還使我們能夠完成創紀錄的積壓訂單，擴大國際業務，並更有信心地追求短期獲利。

On cash flow, net cash used in operating activities for the year was $18.6 million, an improvement of over 38% compared to the $29.8 million in FY24. This reduction reflects the impact of our cost management initiatives, but partially offset by final payouts related to bonuses and earn-outs accrued in the prior fiscal year.

現金流量方面，本年度經營活動所用淨現金為 1,860 萬美元，較 24 財年的 2,980 萬美元成長逾 38%。這一減少反映了我們的成本管理措施的影響，但部分被上一財年累積的獎金和盈利相關的最終支出所抵消。

That concludes our financial update. We're encouraged by the demand signals we're seeing across defense and commercial markets and energized by the progress we've made. As Philipp noted, new initiatives, particularly our strategic partnerships and international deployments position us to capitalize on momentum, expand our customer base, and continue advancing towards scalable recurring growth.

我們的財務更新到此結束。國防和商業市場的需求訊號令我們感到鼓舞，我們所取得的進展也讓我們充滿活力。正如菲利普所指出的，新舉措，特別是我們的戰略合作夥伴關係和國際部署，使我們能夠利用這一勢頭，擴大我們的客戶群，並繼續朝著可擴展的經常性增長邁進。

As we move into Q1 of FY26, our focus is on executing backlog deliveries, converting demonstrations into multiyear deals, and maintaining tight expense control. Thank you again for your support.

隨著我們進入 26 財年第一季度，我們的重點是執行積壓交付、將演示轉化為多年期交易以及保持嚴格的費用控制。再次感謝您的支持。

(Operator Instructions) Glenn Mattson, Ladenburg Thalmann.

（操作員指示）Glenn Mattson，Ladenburg Thalmann。

Hi, guys. Thanks for taking the question. Congrats on the strong growth in backlog and pipeline. I'm curious a little bit more about the pipeline. Just can you give us some understanding and background about how you compile that number and just some background around the conversion and how well -- how mature some of that is? So just color on that would be great.

嗨，大家好。感謝您回答這個問題。祝賀積壓訂單和管道業務強勁成長。我對管道還有點好奇。您能否向我們介紹一下您如何編制該數字以及轉換的背景，以及轉換的程度如何 - 其中的成熟度如何？所以只要塗上顏色就很好了。

Yeah, absolutely. Glenn, thanks for being on. The way -- as you've seen, the way we look at our pipeline, it is everything that is an actual opportunity where we're under discussions with a customer.

是的，絕對是如此。格倫，謝謝你的收看。如您所見，我們看待管道的方式是，一切都是我們與客戶討論的實際機會。

With the retooling of the commercial team, and you've seen we recently onboarded a new SVP for Commercial, Jason Weed, who's a retired US Navy captain and others that we've brought on, we've really positioned the company to now start increasing and accelerating the conversion rate as we're looking at what is a qualified opportunity or opportunity under negotiation with the customer to then focusing on the delivery portion of the pipeline and then converting that to revenues.

隨著商業團隊的重組，正如您所見，我們最近任命了一位新的商業高級副總裁 Jason Weed，他是一位退役的美國海軍上校，以及其他我們引入的人員，我們真正地將公司定位為現在開始增加和加速轉化率，因為我們正在尋找合格的機會或正在與客戶談判的機會，然後專注於渠道的交付部分，然後將其轉化為收入。

With the key appointees in the present administration in place, we feel very confident about seeing an increase in the conversion rates. And equally, as the world starts recognizing that a hybrid fleet and unmanned operations in the ocean are a critical portion of operations, we look forward to participating in that. So I think as we stated, these are qualified opportunities, opportunities under negotiation, and we are increasing -- or we're feeling confident about increasing the conversion rate as we move through the current fiscal year.

隨著現任政府主要官員的到位，我們非常有信心看到轉換率的提高。同樣，隨著世界開始認識到混合艦隊和海上無人作戰是作戰的關鍵部分，我們期待參與其中。所以我認為，正如我們所說的，這些都是合格的機會，正在談判的機會，而且我們正在增加——或者說，我們有信心在本財政年度提高轉換率。

Thank you. And then I guess as a follow-up, the -- you've done a great job cutting costs. Can you just talk about your capacity and ability to meet demand should it accelerate faster than you expect or --

謝謝。然後我想作為後續行動，你在削減成本方面做得很好。您能否談談如果需求成長速度超出您的預期，您的產能和滿足需求的能力，或者--

Yeah, absolutely. We've got -- obviously, we've got the facility in New Jersey, where we got just under 60,000 square feet. We got our smaller prototyping facility in the Bay Area in Northern California. And under the leadership of our operational team, we have redesigned the layout of parts of our facilities so that we can scale up more quickly. But obviously, as you pointed out on the cost cutting, we're doing so in a way that is conscious of working capital so that we can convert as and when required without frontloading too much into inventory prior to starting the conversion.

是的，絕對是如此。顯然，我們在新澤西州擁有一座工廠，面積接近 60,000 平方英尺。我們在北加州的灣區擁有一個較小的原型製作設施。在我們營運團隊的領導下，我們重新設計了部分設施的佈局，以便我們能夠更快地擴大規模。但顯然，正如您在談到削減成本時指出的那樣，我們在這樣做時會考慮到營運資金，以便我們可以根據需要進行轉換，而無需在開始轉換之前預先將過多的資金投入庫存。

Peter Gastreich, Water Tower Research.

Peter Gastreich，水塔研究公司。

Good morning. Peter from Water Tower. So congratulations to the team on your results and executing on your strategy in 2025. It's really great to see this meaningful momentum in your backlog and also the cost cuts. It looks like you're well positioned starting off in 2026. I just have a couple of questions.

早安.來自水塔的彼得。因此，祝賀團隊取得的成果以及在 2025 年實施的策略。看到你們的積壓工作和成本削減呈現出如此有意義的勢頭，真是令人欣慰。看起來你們從 2026 年開始就處於有利地位。我只是有幾個問題。

One on the backlog and the other is on the gross margin. Just related to the backlog, could you talk -- first of all, so thanks for the previous question on that as well. But could you please talk about the breakdown of the backlog in terms of product type? Any type of color you can give on that would be great.

一個是關於積壓訂單，另一個是關於毛利率。僅與積壓有關，您能否談談 - 首先，也感謝您之前提出的這個問題。但是您能否談談積壓產品類型方面的細項？您能賦予其任何類型的顏色都很好。

Thanks for being on, Peter. And it is -- what we are pleased with in the backlog is the fact that it is a very healthy split between buoys, vehicles, and associated services. What we're also starting to see, and as I mentioned in my remarks earlier, with becoming an AUVSI Trusted Operator, we're seeing an uptick in service revenues related to training that are sitting in -- starting to sit in backlog and certainly sitting in the pipeline. So we feel good about the fact that this is not based on one single one of our solution, but truly is part of what we set out to do, which is deliver autonomous persistent and resident ocean intelligence, whether that is buoys, vehicles, enabled software that sits at the edge across them, or whether it is services that are related to getting these items deployed.

感謝您的收看，彼得。事實確實如此——我們對積壓工作感到滿意的是，浮標、車輛和相關服務之間的分配非常合理。我們也開始看到，正如我之前在評論中提到的那樣，隨著成為 AUVSI 可信任營運商，我們看到與培訓相關的服務收入有所上升，這些收入開始積壓，當然也處於籌備階段。因此，我們很高興看到，這並不是基於我們的單一解決方案，而是我們計劃要做的工作的一部分，即提供自主、持久和常駐的海洋智能，無論是浮標、車輛、位於它們邊緣的支援軟體，還是與部署這些物品相關的服務。

Okay, thank you very much. And yeah, just a question on the gross margin. So over the last year, your gross margin was on the decline and -- just looking out towards your backlog right now and eventually having that feed through, how should we be thinking about how your gross margin would be evolving sort of broadly going forward?

好的，非常感謝。是的，我只是問一下毛利率。因此，在過去的一年裡，您的毛利率一直在下降，而且——就目前的積壓訂單而言，最終我們會得到反饋，我們應該如何考慮您的毛利率在未來將如何大致變化？

Yeah. I think we're seeing an uptick again where gross margin is going to start heading. Some of that has been related to the fact, as Bob mentioned, we've been working on projects such as Overmatch and others, which have been revenue generating, but more focused on larger scale demonstration efforts.

是的。我認為我們將再次看到毛利率開始上升的趨勢。其中一些與鮑勃提到的事實有關，我們一直在致力於 Overmatch 等項目，這些項目已經產生了收入，但更側重於更大規模的示範工作。

As we transition further into operational use of the systems, we look forward to seeing that corresponding uptick in gross margins, which are driven to some extent by the service revenues that I just mentioned as those, a, they're recurring; and b, they do carry with them a higher gross margin when we start delivering them.

隨著我們進一步轉向系統的營運使用，我們期待看到毛利率相應上升，這在一定程度上是由我剛才提到的服務收入推動的，因為 a，它們是經常性的；b，當我們開始交付它們時，它們確實會帶來更高的毛利率。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for your any further or closing comments.

謝謝。我們的問答環節已經結束。我想把發言權交還給您，以便您可以發表進一步的評論或結束評論。

Thank you for being a shareholder and for supporting our ongoing growth and execution of our strategy. We look forward to continuing to deliver for you, our customers and all of our stakeholders. Thank you.

感謝您成為股東並支持我們的持續發展和策略執行。我們期待繼續為您、我們的客戶和所有利害關係人提供服務。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。